Clubbing of income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 February 2015
If a person having two minor child and each minor is getting a gift exceeding rs. 48000 from non relatives. What will be the Tax Implication of these?
As the income of minors is get clubbed in the income of parents how much amount will be exempted? Then Parents get a exemption of rs. 50000/- per minor child or Only he will will get exemption of Rs. 50000/- Ceiling limit??????
As the income of minors is get clubbed in the income of parents how much amount will be exempted? Then Parents get a exemption of rs. 50000/- per minor child or Only he will will get exemption of Rs. 50000/- Ceiling limit??????
Amol S Joglekar
(Expert)
12 February 2015
the limit is per minor child.
Clubbing will be done for both.
Clubbing will be done for both.
12 February 2015
50,000 is exempted per child so full amount is exempted in this case
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